You are the manager of the First Nations Bank. You want to see if the new low mo

Question

You are the manager of the First Nations Bank. You want to see if the new low mortgage rate is attracting new business. You review records for four weeks, selected at random, from three branches of your bank. The table summarizes the results for the number of new mortgages across the branches:

                                                            Bank Branch

                        Downtown              Major Mall                 Shopping Center

                                    5                             5                                      4

                                    4                            6                                      5

                                    6                             3                                      5

                                    5                             8                         

Is the average number of new mortgages the same for all branches? Use alpha = 0.01

Explanation / Answer

The statistical software output for one way ANOVA is:

Analysis of Variance results:
Data stored in separate columns.

Column statistics

ANOVA table

Since p - value is greater than 0.01, we do not reject Ho. Hence,

There is not sufficient evidence to reject the claim that average number of new mortgages the same for all branches.

Column n Mean Std. Dev. Std. Error Downtown 4 5 0.81649658 0.40824829 Major Mall 4 5.5 2.081666 1.040833 Shopping Center 3 4.6666667 0.57735027 0.33333333

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